Hello,
I have a vacation home overseas and wanted to buy a car from here and ship it there (buying it locally is not an option). The problem is if I get an auto loan, the title will be in my hand but the bank will hold a lien. The problem is shipping companies won't ship the car unless u have a clean title. Does anyone know of any banks/credit unions..etc who wouldn't necessary require a lien or at least make an exception by giving me a letter that says I can ship it.
Personal loans, which do not require a collateral have high interest rates and using an equity line of credit is not going to work for me b/c of the current real estate market. So these two options are not possible either.
Any thought?
Thanks in advance,
2007-10-05 17:29:51 · 5 answers · asked by sam 2 in Business & Finance ➔ Personal Finance
I seriously doubt that any bank or credit union will allow you to take the collateral to another country. If you don't pay, it's pretty hard to repo.
You're only option is to pay the vehicle in full before shipping.
2007-10-05 17:48:39 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
1
2016-05-17 07:33:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Pay cash for a lesser car so that you have the title in hand. Don't pay interest on a depreciating asset!
2007-10-05 17:37:02 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Hi,
You can visit http://carloanguide.automobiledeals.info for some useful tips for handling the situation. Good luck!
2007-10-06 03:33:12 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you own a vacation home overseas but need a loan to buy a car? WTF?
2007-10-05 18:01:08 · answer #5 · answered by kvuo 4 · 0⤊ 0⤋